LivingSocial Sells Southeast Asia Business to iBuy Group for $18.5
Million

Company continues to advance strategic growth plan and invest in
innovation and product development

April 01, 2014 08:55 PM Eastern Daylight Time

WASHINGTON--(BUSINESS WIRE)--LivingSocial
today announced that it has sold its Southeast Asia businesses to iBuy
Group (ASX:
IBY), a leading e-commerce business in Southeast Asia, for $18.5
million in cash. This deal furthers LivingSocial’s strategy of
reinvesting and focusing on its strategic growth plan.

“Our businesses have shown significant growth in the emerging e-commerce
markets of Thailand, Malaysia, Indonesia, and the Philippines. However,
we believe that both LivingSocial and our businesses in Southeast Asia
would be better served separately, so we began the process of finding a
complementary organization,” said John Bax, CFO of LivingSocial. “This
sale will help us further our innovation investment, product
development, and marketing in the U.S. and other regions in which we
operate to best serve our merchant partners and consumers.”

Changing the Landscape

In 2013, LivingSocial announced a strategic refocusing to offer
increased flexibility for merchants and a greater depth of selection for
consumers. LivingSocial evolved its core platform beyond daily deals,
and is making additional investments in product development and enhanced
marketing capabilities. In November 2013, LivingSocial sold its
Korean-based Ticket Monster (TMON) business for $260 million in cash and
stock. This deal closed in January 2014.

About the Deal

Per the terms of the agreement, iBuy Group acquired Ensogo Holdings Ltd
and its subsidiaries for $18.5 million in cash plus assumed liabilities.
Ensogo and its subsidiaries include all of LivingSocial’s business
operations in Thailand, Malaysia, Indonesia, and the Philippines.